Tech giant Oracle is reportedly looking at $1 billion in cost-cutting measures, following the $28 billion acquisition of Cerner, which could result in thousands of job cuts.
The Information reports Oracle is considering controlling expenses by up to $1 billion, potentially laying off thousands of people as early as August.
The prospective layoffs come in the wake of Oracle’s takeover of Cerner, which gives the corporation a stronger position in the healthcare technology industry.
Cerner hired around 28,000 new staff as a result of the purchase.
A company representative familiar with the issue said the layoffs might “disproportionately impact” personnel in the US and Europe.
The prospective layoffs come as the firm actively invests in one of its main cloud clients, the famous video service TikTok, which chose the Oracle platform in 2020.
It was also reported that two senior Oracle executives are departing the firm at the same time.
CMO Ariel Kelman, who joined AWS two years ago and has been leading the team working with TikTok, is apparently leaving.
As is Juergen Lindner, senior vice president of marketing for SaaS, whose team is facing a likely restructure and job losses.
Oracle is not just the only corporation laying off workers this summer.
Several public companies and startups have declared layoff plans in order to conserve cash until the market rebounds.
IronNet, a cybersecurity technology provider, announced intentions in June to cut around 17 percent of its overall workforce by the end of the month.
Before publication, Oracle did not react to a request for comment.